BA Capital publicly blamed the founder of Irisnet and IRIS's 30 percent plunge, but received some investor support after an official response

On May 8, BA Capital investors announced on the Internet that they would no longer serve as an advisor to Iris net and would close out Iris shares. Suspect to draw a line under Iris completely.

As of press time, the Iris currency was 0.0494USD(about 0.33 RMB), and the total online mortgage rate was 29.78%.

As the dispute continued to feign, gollum, coinhu's founder, and zhu weiyu, a partner at NGC, another early investor in the Irisnet project, said,The Irisnet project is officially done without problems.

Therefore, investors are divided into two groups at present. One group thinks that iris does not do anything in the secondary market. One school thinks iris doesn't need to focus on secondary market reactions at this stage.

The main network of Irisnet went online on March 1, and the operation is stable. The number of nodes has reached 100, and the block height has reached 869,000.

Early investors in the project include NEO Global Capital (NGC), time stamp Capital, return Capital, INK, one piece Capital, wheat wallet, SNA and other well-known investment institutions.

These institutions all pledge their IRIS tokens to the node to obtain revenue. NGC mortgaged IRIS to its running node for the first time on the morning of April 14th. At one time, the amount of mortgage ranked the first, but now it ranks the 15th.

Here are the statements and responses from both sides:

The following is the statement released by BA Capital investor "xiao ma ge" via wechat on the morning of May 8:

"From today on, based on the bottom line of founders' competence and character, we officially announce:

1. No longer work as a consultant for Iris net;

2. We will liquidate the share of Iris project in a short period; 

3. We no longer recommend Iris net and boundary intelligence to mainstream exchanges and traditional investors such as coon, OK and overseas, nor do we recommend long-term Stake for investors in the circle.

I have been repeating a theory that only after the investment in the blockchain sector can the real due diligence begin. In fact, we have been doing this:

1. & have spent & have spent & have spent & have spent The project side refused to listen to the advice of many investors, insisted on non-convertible legal currency at the initial stage of investment to hedge risks, insisted on doing no management of the secondary market and did not listen to the industry experience, insisted on the annual inflation maximum of 20%. Block chain enterprise is the primary market or the listed company, not only in the field of investment, if the founders did not listen to the valuable advice of consciousness, the investment in our history tradition or block chain case is very deadly, founder and clear and firm statement 'in this regard we will not spend a penny,' we have seen the listed no resistance after falling; The project side insisted on annual inflation and persuaded many investors to take the initiative to lock their positions in the form of Stake. What do you think about the price in the medium and long term when quantity can be infinitely increased without cost? & have spent

2. & have spent & have spent & have spent & have spent The project side will make a lot of outbound investment in the name of the project, such as the projects confirmed by the invested party, such as Coinmex, which is close to zero. The investor invested in the project itself, not in an investment fund. We have reservations on the use of the funds of the project party, which may be part of the explanation that the project party will not spend a penny on the secondary market. In addition, 15 percent of all shares held by the foundation will be unlocked in the second half of the year, at Stake's discretion.

3. & have spent & have spent & have spent & have spent Project founder cao heng refused to acknowledge and execute the service contract signed with us. As an investor, always think in the process of project operation diverge even conflict is normal, as long as both sides hold the positive attitude to solve the problem together, always can properly solve the problem was, then project party on the grounds that the project is too busy always don't answer the phone, hang up the phone, even told that we could go to court to solve, finally very tough without communication solution that is not acceptable. With all this happening, we were really disappointed with the project we had put our time and energy into. Even if a founder is like this to his investors and advisers who have helped him a lot, how will he deal with commitment from other stakeholders when the future development of the company encounters various conflicts of interest? At the same time, as an investor leek disadvantage of the rights, cao heng even said is our threat to him, I wonder if the leek is really unqualified. We have communicated with some investors and friends of the exchange. We also call on the whole industry to establish a fair and transparent monitoring system, industry norms, discipline standards, and better phased investment and financial monitoring mechanism for investors and project partners, so that the industry can enjoy better long-term development

For the above reasons, I think the Iris net project is seriously inconsistent with the investment standards in my mind, so we will no longer hold it. We do not recommend other projects and exchanges to cooperate with it, and we advise investors to pay attention to investment risks. "

On the morning of May 8, the Irisnet team responded. BA Capital investor "xiao ma ge" statement, the following is the full response:

"At the time around you don't have to perform the service cooperation, but you asked us to give you a 1% 20 million IRIS token generated controversy, we have been in the rational communication, and presents a kind of solution. We have telephone communication, but you threat in the telephone communication, if we do not accept, you want to black material to the media. In order to more rational communication (we had with goodwill, still believe that you are), we also are given in the WeChat solutions and we think that the reasonable compensation to you. While you do it a little bit, Many of the investors in the group are also helping with the project. However, we are still willing to negotiate and offer you the compensation plan in the phone and WeChat.

After the financing target you promised (including the additional investment you directly promised yourself) is not achieved, and many promised services are not done, the continued payment to 1% IRIS token is in our view detrimental to the interests of the project and unfair to most investors. At that time, we also suggested that we could give you a reasonable compensation, but not 1%, 20 million IRIS. If there is any dispute about the contract, we could talk about it or find a lawyer.

I spread false information like this, and then called other investors yesterday and told them that the media would come out with my big black information tomorrow, so I told them to flee as soon as possible. It is shameful to "protect one's rights" like 1% IRIS token for the sake of not completing the contract.

Both are professionals who can communicate rationally, and our communication is recorded. If there is a real dispute, it should be with a lawyer, not after his T2 investment is fully released and sold out, in such a noisy manner, causing public panic and harming the interests of most investors and projects. We condemn your behavior. "

In response to "IRIS investor xiao ma ge announced in the short term will be clearance shares", IRIS again on the afternoon of May 8: & IRIS;

1. IRISnet annual inflation is not 20% but 4%, which is low in the PoS program;

2. IRISnet does not make "a lot of investment" outside, but only invests a small amount of money in two projects, one of which is the application chain developed based on IRISnet and CosmosSDK. CoinMex, by which he calls, only puts in 200 ETH; & have spent

3. "15% held by the foundation will be unlocked in the second half of the year" is a threatening statement. The promise of the foundation to consciously lock the warehouse for six months does not mean that all the products will be circulated in the second half of the year. & have spent

4. There are work items in the contract: determination and distribution of financing amount. As for the amount of financing, we have confirmed his written financing plan ($5 million - $8 million). But only 300 ETH is allocated. IRISnet is willing to give him some compensation, but we think 20 million IRIS is inappropriate.

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